This is a difficult question to answer.
As most people know, the Medicare Part D program is voluntary and you are always free to go without prescription drug coverage or even dis-enroll from your prescription drug plan during the Annual Enrollment Period that starts November 15 and continues through December 31, with coverage or coverage changes taking effect January 1st.
If you ever decide that you wanted to join a Medicare Part D prescription drug plan, you can have the opportunity to join or re-join the Medicare Part D program each year during the Annual Enrollment Period with prescription drug coverage re-starting the first day of the next year.
However, when you are without creditable prescription drug coverage for more than 63 days, you will accrue a penalty that will be applied to all of your future monthly Medicare Part D premiums - should you decide to ever re-join the Medicare Part D program.
Creditable prescription drug coverage is any prescription drug coverage that is at least as good as a Medicare Part D plan. Many employer health plans provide "creditable" prescription coverage along with their other health benefits - when in doubt, be sure to ask you health plan administrator whether your prescription coverage is creditable.
Again, the late-enrollment premium penalty adds up for each month you are without some form of creditable prescription drug coverage - each month is an increase of 1% of the average monthly Medicare Part D premium for that year.For example, if do not have some form of "creditable" prescription drug coverage for 12 months (or wait 12% beyond your eligibility date before enrolling in a Part D plan), you will accumulate a permanent penalty amounting to an increased monthly premium of an additional 12% (1% for each month) of the national average monthly Part D plan premium ($32 in 2010) or an additional $3.84 per month penalty.
Again, the penalty is permanent and can change each year - depending on the average Medicare Part D premium.
Please note: Many people who are not using any (or few) prescription medications have asked whether they need a Medicare Part D plan. We usually suggest that people who have very limited prescription costs consider enrolling in one of the lower costing Medicare Part D plans that are available in their state - and simply consider the Part D program just as the cost of insurance - like car insurance or home insurance - protection against high expenses that you will have if you need it.If you look, you will find that in every state, there are several low cost Medicare Part D plans.
Again, even if you purchase your all medications at a low-cost retailer
like Walmart, you might consider enrolling in one of these lower cost
Medicare Part D plans - just in case you unexpectedly have a more
expensive prescription or someday wish to re-join the Medicare Part D
program.
Here is an example of the 2010 Part D plans in
Florida - you will notice that the lowest cost premium is $19.80:
PDPFinder.com/2010/FL
(You can just change the "state" in our PDP-Finder online tool so you can see the monthly plan premiums in your area.)
If you are looking for general support information on the
Late-Enrollment Penalty,we have some basic information on the LEP online
at
and
on this site
and
on this site PartD-Penalties-Beyond- Open-Enrollment.php